The US dollar index reached the previous high and resistance at 96.70 and got rejected. Price is pulling back towards the short-term support of 96.10.
Black line – support trend line
The dollar index is above the 4-hour Kumo (cloud) and is pulling back after being rejected at its previous high. This pullback needs to find support at 96.10 or at least 95.80 otherwise we could see a deeper pullback towards the 61.8% Fibonacci retracement.
Red line – resistance (broken)
The weekly candle is still inside the weekly Kumo and above the red trend line resistance. Price is now at the lower cloud boundary and bulls need a weekly close above it. A weekly close out and below the Kumo (cloud) will be a bearish sign that would turn me bearish for the short-term on the dollar. Weekly support is at 96.25 and next is at 94.90. Resistance is at 96.70 and next, at 97.65.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The US dollar index reached the previous high and resistance at 96.70 and got rejected. Price is pulling back towards the short-term support of 96.10.
Black line – support trend line
The dollar index is above the 4-hour Kumo (cloud) and is pulling back after being rejected at its previous high. This pullback needs to find support at 96.10 or at least 95.80 otherwise we could see a deeper pullback towards the 61.8% Fibonacci retracement.
Red line – resistance (broken)
The weekly candle is still inside the weekly Kumo and above the red trend line resistance. Price is now at the lower cloud boundary and bulls need a weekly close above it. A weekly close out and below the Kumo (cloud) will be a bearish sign that would turn me bearish for the short-term on the dollar. Weekly support is at 96.25 and next is at 94.90. Resistance is at 96.70 and next, at 97.65.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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